{"id":36856,"date":"2015-05-07t05:01:40","date_gmt":"2015-05-07t09:01:40","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=36856"},"modified":"2024-08-14t09:36:30","modified_gmt":"2024-08-14t13:36:30","slug":"even-partner-agreements-must-face-death","status":"publish","type":"post","link":"\/\/www.g005e.com\/2015\/05\/07\/even-partner-agreements-must-face-death\/","title":{"rendered":"even partner agreements must face death"},"content":{"rendered":"

\"businessman<\/a>5 life insurance questions you should consider.<\/strong><\/p>\n

by marc rosenberg<\/em>
\n retirements & buyouts<\/a><\/em><\/p>\n

issues related to the death of a partner should be addressed in the firm\u2019s partner agreement. consider the following:<\/p>\n

    \n
  1. does the firm wish to accelerate vesting in any manner?<\/b> does the firm wish to accelerate the payment frequency, vesting or both? partners are often tempted to be generous out of sympathy for the deceased partner\u2019s family. what stops them from acting on this generosity impulse is the cold reality of how expensive this is. as a result, most firms treat death the same as an ordinary retirement.<\/li>\n
  2. what must be done to assign the deceased partner\u2019s clients to other firm members and to retain the clients?<\/b><\/li>\n
  3. to what extent does the firm want to purchase life insurance on the lives of some or all of the partners?<\/b> if they opt to purchase the insurance:<\/li>\n<\/ol>\n

    more on retirement:<\/b><\/b> 6 ways to leave a cpa firm (retirement\u2019s just 1)<\/a> | how to juggle tax considerations for partner retirement benefits<\/a> | two ways to retire, and one\u2019s not pretty<\/a> | mandatory retirement? 4 reasons the firm comes first<\/a> | how to transition clients from retiring partners<\/a> | retirement vesting: the devil\u2019s in the details<\/a> | eat what you kill? then maybe \u2018book of business\u2019 is for you<\/a><\/em><\/p>\n

    read more →<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    \"businessman<\/a>5 life insurance questions you should consider.<\/strong><\/p>\n

    by marc rosenberg<\/em>
    \n     retirements & buyouts<\/a><\/em><\/p>\n

    issues related to the death of a partner should be addressed in the firm\u2019s partner agreement. consider the following:<\/p>\n

      \n
    1. does the firm wish to accelerate vesting in any manner?<\/b> does the firm wish to accelerate the payment frequency, vesting or both? partners are often tempted to be generous out of sympathy for the deceased partner\u2019s family. what stops them from acting on this generosity impulse is the cold reality of how expensive this is. as a result, most firms treat death the same as an ordinary retirement.<\/li>\n
    2. what must be done to assign the deceased partner\u2019s clients to other firm members and to retain the clients?<\/b><\/li>\n
    3. to what extent does the firm want to purchase life insurance on the lives of some or all of the partners?<\/b> if they opt to purchase the insurance:<\/li>\n<\/ol>\n

      more on retirement:<\/b><\/b> 6 ways to leave a cpa firm (retirement\u2019s just 1)<\/a> | how to juggle tax considerations for partner retirement benefits<\/a> | two ways to retire, and one\u2019s not pretty<\/a> | mandatory retirement? 4 reasons the firm comes first<\/a> | how to transition clients from retiring partners<\/a> | retirement vesting: the devil\u2019s in the details<\/a> | eat what you kill? then maybe \u2018book of business\u2019 is for you<\/a><\/em><\/p>\n

      read more →<\/a><\/p>\n","protected":false},"author":1339,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[5,2374,3120,2298,2266],"tags":[2102,2429,86,572,62,38,57,1416],"class_list":["post-36856","post","type-post","status-publish","format-standard","hentry","category-outlook","category-pay-compensation","category-pro-member-exclusive","category-succession","category-partner","tag-buyout","tag-earnings","tag-partner","tag-pay","tag-retirement","tag-salary","tag-succession","tag-wages","membership-content","access-restricted"],"acf":[],"yoast_head":"\neven partner agreements must face death - 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